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HomeCorporations CodeCh. 5§ 25148 Commissioner Prospectus Delivery Requirement

§ 25148 Commissioner Prospectus Delivery Requirement

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 25148 Commissioner Prospectus Delivery Requirement

This rule lets the commissioner say that, before a security is sold, the seller must give each potential buyer a prospectus or proxy with certain required information, unless another law already forces that delivery.

Key Takeaways

  • •The commissioner can require a prospectus or proxy to be given before a sale.
  • •This only applies when other securities laws don’t already require that delivery.
  • •The requirement is a condition for getting qualified under certain sections (25112, 25113, 25122, 25131).

Example

A small company wants to sell new shares and gets a permit from the commissioner. The commissioner tells the company it must hand out a short brochure with the key details to every investor before they can buy the shares.

Because the commissioner set that condition, the company must give the brochure to each buyer first, even though the usual securities laws don’t already require it.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 25148 Commissioner Prospectus Delivery Requirement

Except in cases where the delivery of a prospectus or proxy statement is required under the Securities Act of 1933 or the Securities Exchange Act of 1934, the commissioner may by rule or order require as a condition of qualification under Section 25112, 25113, 25122 or 25131 that a prospectus or proxy statement containing any designated part of the information required in the application be given to each person to whom an offer is made before the sale of the security to be issued under the permit or order. (Amended by Stats. 1983, Ch. 442, Sec. 2.)

Last verified: January 10, 2026

Key Terms

prospectusproxy statementSecurities Act of 1933Securities Exchange Act of 1934commissionerqualification

Related Statutes

  • § 25141 Commissioner Escrow Security Conditions
  • § 25143 Postponement Or Suspension Of Qualifications
  • § 25140 Stop Order Grounds
  • § 25144 Vacating Or Modifying Stop Orders
  • § 25145 Issuer Securities Sales Records

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 25148.
View Official Source